PFG Investments LLC Raises Stock Position in Rithm Capital Corp. (NYSE:RITM)

PFG Investments LLC raised its stake in Rithm Capital Corp. (NYSE:RITM) by 2.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 65,262 shares of the real estate investment trust’s stock after purchasing an additional 1,825 shares during the period. PFG Investments LLC’s holdings in Rithm Capital were worth $741,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Wealthcare Advisory Partners LLC raised its holdings in shares of Rithm Capital by 68.9% in the first quarter. Wealthcare Advisory Partners LLC now owns 17,777 shares of the real estate investment trust’s stock valued at $198,000 after buying an additional 7,249 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Rithm Capital by 53.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 71,870 shares of the real estate investment trust’s stock worth $802,000 after acquiring an additional 24,988 shares during the period. SeaCrest Wealth Management LLC grew its stake in shares of Rithm Capital by 1.7% in the 1st quarter. SeaCrest Wealth Management LLC now owns 94,567 shares of the real estate investment trust’s stock valued at $1,055,000 after purchasing an additional 1,547 shares during the last quarter. Norden Group LLC purchased a new stake in shares of Rithm Capital during the first quarter worth approximately $156,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of Rithm Capital by 33.0% during the first quarter. Principal Financial Group Inc. now owns 40,303 shares of the real estate investment trust’s stock worth $450,000 after purchasing an additional 10,009 shares during the period. Hedge funds and other institutional investors own 44.92% of the company’s stock.

Wall Street Analysts Forecast Growth

RITM has been the topic of several recent research reports. Wedbush reissued an “outperform” rating and issued a $13.00 price objective on shares of Rithm Capital in a research note on Friday, August 16th. JMP Securities upped their price objective on Rithm Capital from $11.00 to $12.50 and gave the stock a “market outperform” rating in a report on Friday, July 19th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $13.00 target price on shares of Rithm Capital in a report on Tuesday, August 13th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $12.67.

Rithm Capital Trading Down 0.1 %

Shares of RITM opened at $10.47 on Tuesday. Rithm Capital Corp. has a 1-year low of $9.13 and a 1-year high of $12.02. The company has a debt-to-equity ratio of 1.81, a current ratio of 0.49 and a quick ratio of 0.49. The firm has a 50 day simple moving average of $11.28 and a 200-day simple moving average of $11.18. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of 8.80 and a beta of 1.80.

Rithm Capital (NYSE:RITM) last released its quarterly earnings results on Wednesday, July 31st. The real estate investment trust reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.05. The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Rithm Capital had a return on equity of 18.04% and a net margin of 15.55%. The business’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.62 earnings per share. Equities analysts forecast that Rithm Capital Corp. will post 1.81 EPS for the current fiscal year.

Rithm Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 1st will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 9.55%. The ex-dividend date is Tuesday, October 1st. Rithm Capital’s payout ratio is 84.03%.

Rithm Capital Profile

Rithm Capital Corp. operates as an asset manager focused on real estate, credit, and financial services. It operates through Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable, and Asset Management segments. Its investment portfolio primarily comprises of mortgage servicing rights (MSR), and MSR financing receivables, title, appraisal and property preservation, excess MSRs, and services advance investments; real estate securities, call rights, SFR properties, and residential mortgage loans; consumer and business purpose loans; and asset management related investments.